Overview

Previously called Financial Services Authority Regulation and Risk-based Compliance, the third edition of Financial Services Regulation and Risk-based Compliance provides an analysis of the source and operation of risk-based compliance regulation in the UK Financial Services industry. With financial services regulation in the UK having undergone significant restructuring since the second edition with the introduction of the FCA and PRA to replace the FSA, this new edition has been extensively rewritten and restructured in response to these changes and covers: - the history of the development of financial services regulation; the nature and character of regulation; the regulatory reform following the financial crisis - relevant provisions in the Financial Services and Markets Act and an examination of the structural elements of the UK system of financial regulation - an analysis of the statutory framework for setting the regulator’s objectives and holding the PRA and FCA to account - international standard setting IOSCO and Basle; the long arm reach of US regulation; arrangements for cross border regulator cooperation - the regulatory regime for granting authorisation, obtaining , varying and removing business permissions; satisfying FSMA threshold conditions and the responsibility/liability for those that control authorised persons - the nature of risk in financial services; the relationship between capital and risk; risk assessments, capital requirements - how rules are made and their legal effect; rule interpretation, formal rules waivers; the rise of and impact of principles based obligations - PRA and FCA approach to authorised firm supervision; supervisory categories; information gathering and regulatory reporting - the regulatory requirement for systems and controls and its relationship with corporate governance; setting an appropriate control framework including three lines of defence models; the relationship between risk assessment and good governance - the compliance function and its regulatory obligations; the relationship between the compliance function, Risk function and Internal Audit - criminal offences as they apply to the financial sector together with obligations to establish and maintain money laundering systems and controls - The administrative and criminal law regimes relating to Market abuse including the regulation of Financial benchmarks - criminal offences as they apply to the financial sector together with obligations to establish and maintain appropriate systems and controls - analysis of the FCA’s role as UK Listing Authority - conduct risk and the regulation and control of customer facing activity along with analysis of the regulation and control of customer asset custody - analysis of the regulation and control of CIS and hedge funds - analysis of the law for authorisation and control of Recognised Investment Exchanges - the PRA and FCA Senior management and certified person regime for banks and insurers; the Approved Person regime; Training and Competence - personal responsibility together with administrative and criminal law liability for those persons that work in a Compliance Function including the Compliance Oversight office holder and Money Laundering Reporting Officer - handling customer complaints and the jurisdiction of FOS; regulatory obligations for handling of non FOS jurisdiction complaints - regulation by and duties to other bodies and agencies, the SFO, NCA, Financial Markets such as the LSE, the takeover panel and the professions including reference to the banking standards board - examination of why compliance breakdown may occur; the PRA and FCA statutory powers of investigation and enforcement - how might regulation and compliance develop, lessons from the past and emerging regulation Financial Services Regulation and Risk-based Compliance will help all organisations operating in this heavily regulated industry to accurately comply with their legal responsibilities.

Full Product Details

Author:   Stuart Bazley ,  Professor Andrew Haynes
Publisher:   Bloomsbury Publishing PLC
Imprint:   Bloomsbury Professional
Edition:   3rd edition
ISBN:  

9781526501974

ISBN 10:   152650197
Pages:   696
Publication Date:   13 April 2023
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Not yet available  
This item is yet to be released. You can pre-order this item and we will dispatch it to you upon its release.

Table of Contents

Chapter 1: The need for regulation in financial services Chapter 2: The structure of the system of financial services regulation Chapter 3: Regulator objectives, duties, governance and accountability Chapter 4: International and European Influences and international regulator cooperation Chapter 5: Authorisation, business permissions and control liability Chapter 6: Risk and Prudential Regulation Chapter 7: The nature of rules and formal guidance, rule making and principles based obligations Chapter 8: Supervision, information gathering and the regulators’ toolkit Chapter 9: Governance - Senior management systems and controls Chapter 10: The role of compliance, and fashioning compliance systems Chapter 11: Special risk areas and compliance obligations – Money laundering, terrorist financing sanctions Chapter 12: Special risk areas and compliance obligations – Market abuse, insider dealing and manipulation Chapter 13: Special risk areas and compliance obligations – Other financial crime. Bribery and Corruption, Investment fraud and theft and Information security Chapter 14: Special risk areas and compliance obligations – The listing, Prospectus and Disclosure rules Chapter 15: Special risk areas and compliance obligations – Customer related obligations. Financial Promotions, Conduct of business, client money and assets and specialist rulebooks Chapter 16: The regulation of Collective Investment Schemes and Investment Funds Chapter 17: The authorisation and regulation of Investment Exchanges Chapter 18: The Approved Persons regime and Senior management responsibility Chapter 19: Compliance officer and MLRO liability Chapter 20: Complaints handling rules and the Financial Ombudsman Service Chapter 21: The financial services industry’s relationship with other regulatory agencies Chapter 22: Compliance breakdown - Investigations and enforcement Chapter 23: The future development of regulation and compliance

Reviews

A great little book, well written in a clear and accessible style, providing a lot of valuable and useful information. This book is essential reading for everyone involved in financial services compliance -- Review of a previous edition * Howard Scott, Partner RSM Rhodes *

Author Information

Stuart Bazley Stuart is a director at Medius Consulting in London and a Visiting Professor in Financial Regulation and Compliance Law at BPP University Law School. Stuart has over 30 years experience working in the financial services industry, including senior roles as and in-house lawyer, General Counsel, Head of Compliance and Money Laundering Reporting Officer. He has also lectured on the law relating to financial regulation and compliance since 1998. Stuart now works as an expert regulatory consultant, advising on market and sales practice compliance, regulatory misconduct and enforcement matters, predominantly for firms operating in the securities, wealth management and corporate banking sectors. Professor Andrew Haynes Andrew is a Professor of Law at the University of Wolverhampton. He is also a visiting Professor of Law at the University of Macau, People’s Republic of China and a Senior Visiting Research Fellow at the Institute of Advanced Legal Studies, University of London. He is also Chairman of the Market Abuse Association. Before joining the University Andrew was employed at the British Bankers Association and Deloitte's in London, as well as at two leading law firms.

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